The 5 step business plan review

Business planning is all about ensuring the business is heading in the right direction and taking the right course of action to achieve its strategic objectives. This enables the business to grow in the right way and timeframe, and to prioritise and allocate resources effectively.
The business plan review process does not have to be drawn out; in fact, a quick review can often be more productive.  Here are our recommended steps for a quick business plan review.

Step 1. Vision Statement
This is an opportunity to check-in with the constitution of the business and revisit the reason why you are in business and why your business exists.  This is the inspiration behind the product/service and key to connecting with your ideal customers and employees.
This information should be the basis of your vision and mission statements that should head-up every plan.

Step 2.  Progress, position & environment
Review the business’s progress against the objectives set for the last year, quarter and/or month. Take stock of where the business is currently sitting with regard to the internal and external business environments.  A SWOT analysis (Strengths, Weakness, Opportunities and Threats) can provide an insight to your business and help prioritise future objectives and targets.

Step 3 – Set/confirm goals for next 12 months
Break big picture goals down into smaller short to medium term, measurable objectives ensuring that the objectives are always in line with the ultimate vision of the business. Prioritise the objectives in order of importance to help with the allocation of resources.  Nominate a timeframe for each objective and a person who will ultimately be accountable for the objectives achievement.
Select key metrics by which these objectives can be measured such as revenue, profitability, product development, client acquisition etc.

Step 4. The action plan
Build an action plan which will best achieve the business’s objectives.  Brainstorming can work well for this step of the planning process as internal stakeholders can be a great source of creativity and subject matter expertise.  It is also a great opportunity to seek commitment and ownership from management and staff.
Document in table format priorities and actions with roles and  responsibilities for the year ahead. Keep this table in a prominent place for easy reference.

Step 5. Schedule business plan review
The business plan should be reviewed periodically therefore, scheduling time over the next 12 months ensures the business plan is implemented effectively. Having an understanding of the business’s progress allows you to make informed business decisions.

Getting help
At Orbis Wealth Management we support our clients’ businesses through collaborative development and execution of their business plans. This gives our clients certainty and peace of mind that their best interests are being catered for and that they are making informed decisions.
Simon Dundas-Smith is Managing Director of Orbis Wealth Management, an advisory business helping families maximise the probability of achieving their goals and aspirations.

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